The following Business Tax forms must be filed electronically: NYC-2, NYC-2A, NYC-2S, NYC-3A, NYC-3L, NYC-4S, NYC-4SEZ, NYC-204, NYC-204EZ, NYC-202, NYC-202EIN, NYC-202S and NYC-EXT. The Department of Finance participates in four of the IRS Fed/State Modernized e-File programs which allow New York City corporations, businesses and individuals to electronically file their Federal and NYC business tax returns together: 1120, 1065, 10.Įlectronic filing is required for tax preparers and businesses that file 100 or more NYC returns. At present, we accept amended returns through our MeF program for tax years 2018, 20. Note: New York City will accept - and strongly prefers - that electronically filed returns be amended electronically as well. The IRS has marked these returns with an electronic received date, which is the date DOF will use to determine the timely filing of these returns for New York City purposes. Once received by the IRS, returns remain in the gateway until the taxing jurisdictions retrieve them. All participating jurisdictions, including NYC, obtain their returns through the IRS-maintained MeF gateway.
Subscribe to our Checkpoint Daily Newsstand email to get all the latest tax, accounting, and audit news delivered to your inbox each weekday.The electronic filing program that New York City participates in (known as Modernized e-File or MeF), is hosted by the IRS. To continue your research on the BBA centralized partnership audit rules, see FTC 2d/FIN ¶ T-2400 et seq. The amended returns may take into account tax changes brought about by the CARES Act as well as any other tax attributes to which the partnership is entitled by law.įor additional details regarding the Revenue Procedure, including procedures for filing the amended returns, see 2018, 2019 partnership Forms 1065s may be amended to reflect CARES Act. The Revenue Procedure provides that BBA partnerships that filed a Form 1065 and furnished all required Schedules K-1 for the tax years beginning in 2018 or 2019 prior to the issuance of the Revenue Procedure may file amended partnership returns and furnish corresponding Schedules K-1 before September 30, 2020. This process would significantly delay the relief provided in the CARES Act intended to apply to the affected tax years and provide an immediate benefit to taxpayers. Thus, if an AAR were filed, the partners generally would not be able to take advantage of CARES Act benefits from an AAR until they file their current year returns, which could be in 2021. Filing an AAR would result in the partners’ only being able to receive any benefits from that relief on the current tax year’s federal income tax return.
IRS reasoned that, without the option to file amended returns, BBA partnerships that already filed their Forms 1065 for the affected years generally would be unable to take advantage of the CARES Act relief for partnerships except by filing Administrative Adjustment Requests (AARs) pursuant to Code Sec. Rev Proc 2020-23, 2020-18 IRB (the Revenue Procedure), allows BBA partnerships to file amended partnership returns and issue amended Schedules K-1 under the circumstances described below.
2307) and for an increase in the business interest deduction limitation from 30% to 50%.
For example, it contains retroactive provisions for depreciation relief for “qualified investment property” (CARES Act Sec. The CARES Act provides retroactive tax relief that affects partnerships. 6031(b) prohibits BBA partnerships from amending the information required to be furnished to their partners after the due date of the return, unless specifically provided by the Secretary of the Treasury or his delegate. Listed below are typical tax filing deadlines for each month, some may. Partnerships subject to the centralized partnership audit regime are referred to as BBA partnerships. The IRS will accept an amended return up to 3 years after the date you filed the original return or within 2 years after you paid the tax due on the return, whichever is later. DOR has extended the individual income tax filing and payment deadline to May 17. The BBA created centralized partnership audit procedures. 2020 - 23 ' at the top of the amended return and attach a statement with each Schedule K - 1 sent to its partners with the same notation. The partnership must write 'filed pursuant to Rev. Reminder: Septemis the deadline for partnerships that are subject to the Bipartisan Budget Act of 2015 (BBA)’s centralized partnership audit procedures, to file an amended 2018 and/or 2019 Form 1065, to take into account tax changes brought about by the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act as well as any other tax attributes to which the partnership is entitled by law. To file an amended return under the revenue procedure, the partnership must use a Form 1065 with the 'Amended Return' box checked, not the Form 1065X.